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Be fundamentally different, not incrementally better | Jag Duggal (Nubank, Facebook, Google)
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The Power of Word of Mouth
Jag Duggal highlights that Nubank's growth is primarily driven by word of mouth, emphasizing their goal to be fundamentally different rather than just incrementally better. This approach aims to create a fanatical love from customers, setting Nubank apart in the competitive fintech landscape.
"newbank is bigger than coinbase Robin Hood affirm Sofi and lemonade combined 80 to 90% of new bank's growth is through Word of Mouth we're not trying to be incrementally better we are trying to be fun..."
Innovating Beyond Banking
Duggal discusses Nubank's strategy of launching various financial products, including lending, investments, and insurance. He explains that they focus on ensuring projects meet a compelling threshold before scaling, showcasing their commitment to innovation in the banking sector.
"to be fundamentally different we want our customers to love us fanatically it feels like newbank is one of the historically most successful companies of launching new business lines we built a lending..."
Clarity in Strategy
Referencing Kevin Systrom from Instagram, Duggal emphasizes the importance of having a clear strategy, even if it isn't perfect. He poses a thought-provoking question about the future of banking, suggesting that a company reinventing banking could emerge from Latin America, specifically cities like São Paulo, Mexico City, or Bogotá.
"really compelling I want to talk about strategy Kevin cyrm in the early days of Instagram I heard him say it at a conference we may not be right but at least we are clear even if your strategy isn't r..."